GBP/JPY – 4H – BUYThe pair British Pound/Japanese Yen (GBP/JPY) goes from the bullish trendline downwards
A bearish descent down to the next support at 192.85100 will continue.
Caution: A possible trend reversal in the direction of the resistance level at 197.78100 should be noted.
In the case of a trade, always set appropriate stop-loss settings.
Additionally a ‘Matching Low’ candlestick pattern is detected. The candles show ‘Matching Low’. which is a bullish signal. The currency pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the chance of ‘Matching Low’ heading up is 61% (Bull & Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 199.55300 |
| 2nd High | 198.43800 |
| Next High | 197.78100 |
| Current Price | 196.33800 |
| Next Low | 192.85100 |
| 2nd Low | 190.59400 |
| 3rd Low | 188.07200 |
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Matching Low